Conversion Ratios

Marwyn Value Investors II Ltd
17 April 2008





      Marwyn Value Investors Limited and Marwyn Value Investors II Limited

                               Conversion Ratios



The boards of directors of Marwyn Value Investors Limited and Marwyn Value
Investors II Limited ('MVI2') today announce that, in connection with the
proposed Amalgamation, the final agreed conversion ratios as at the Calculation
Date of 11 April 2008 are as follows:

For each Marwyn Value Investors Limited Ordinary 10p share, (ISIN: GB00B0XHH732)
shareholders will receive 1.2232419 Marwyn Value Investors II Limited Ordinary
10p New Shares (ISIN: GG00B1DSZV37).

For each Marwyn Value Investors Limited B Ordinary 50p share, (ISIN:
GG00B1Z46W70) shareholders will receive 0.7796117 Marwyn Value Investors II
Limited Ordinary 10p New Shares (ISIN: GG00B1DSZV37).

Fractional entitlements to New Shares arising after calculation of each Marwyn
Shareholder's entitlement under the terms of the Amalgamation will be
disregarded and will not be issued.

All defined terms used in this announcement shall have the meanings given to
them in the re-admission document sent to Marwyn Shareholders, Marwyn
Warrantholders, MVI2 Shareholders and MVI2 Warrantholders on 11 March 2008.





Enquiries to:

Paul Shackleton, Daniel Stewart Limited               020 7776 6578
Nomad to Marwyn Value Investors Limited

Seema Paterson, Collins Stewart Europe Limited           020 7523 8321
Nomad to Marwyn Value Investors II Limited





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